so i've found a potential first rental property price is 59k in ga.
- Price: $59000
- Estimated Fair Market Rent: $900
- Estimated Annual Property Taxes/Fees: $1250
- Estimated Annual Property Insurance: $980
arvs in the area is 85k-95k. Also the property needs Needs: Siding repair, gutter repair, exterior and interior paint, garage door repair, flooring, kitchen appliances, other minor repairs.
I have about 6500 cash right now, should i look for HML that may work with me? should i save more before investing?
looking for rental
@Rashad Colton Just wondering what is HML?
i believe its hard money lender.
@Rashad Colton Do you have an estimate of repair costs?
What are your plans after the rehab
@Bob B. 12k-15k in repairs I plan to keep as a rental, looking to brrrr
You can try hard money, but you’ll need to shop around because most won’t do less than $100k
You might be better off with finding an investment partner with the cash.
@Rashad Colton It looks like you will have $80K+ in the house when it's all said and done. Based on your comps it's a retail deal. You will need at least $15-20K cash in it to do a brrr. If you do find a HML and then can't get a mortgage to pay the HML off you will loose the house.
I'd say find another deal.
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